MMTC and RINL Issue Export Tender for Pig Iron

Both the companies failed to receive response in Pig iron export tender on 10 and 11 Aug’15; extend the tender date.

MMTC issues tender for 40,000 MT Pig iron till 3 Sept’15

On behalf of NINL, MMTC has invited a global tender for exporting 40,000 MT basic grade Pig iron (30,000 MT of firm lot and 10,000 MT of optional lot) for interested overseas buyers till 3 Sept’15.

MMTC’s previous export tender held on 11 Aug’15 went unnoticed without a single participation. It is the second consecutive Pig iron tender in which MMTC failed to get response from global participants.

The company closed its last export tender in the month of June’15 at a decent rate of USD 264/MT, FoB Paradip Port. While the current domestic offer (by NINL) is at INR 16,400/MT, ex-Cuttack with INR 300/MT discounts on quantity purchase till 21 Aug’15.

Vizag Steel issues corrigendum for Pig iron export

Vizag Steel (RINL), in the corrigendum, has extended the date for export of 30,000 MT basic grade Pig iron till 20 Aug’15 (which was previously scheduled on 10 Aug’15).

The company had extended bids date, after lacking participation on technical bid held on 10 Aug’15.

Global Scenario

Pig iron prices in CIS remained in the range of USD 230-235/MT FoB Black sea, despite low buying sentiments. Participants in CIS looked hesitant to place fresh orders on the back of slight price cut in scrap offers. Buying interest here seemed at around USD 220/MT levels FoB Black sea.

In addition, the sudden fall in Chinese currency in a week’s time has resulted to uncertainty in global steel market.

Though the market is currently clueless about how the price will respond, there is much anticipation of price cut in Chinese steel export offers, on the back of currency devaluation.